Clients
At Taylor Ward, whilst the UK and Australia remain at the heart of our business, we are always happy to explore other territories.
Guiding our Clients to Success
For new Coverholders
We provide a guiding hand in the process of applying to become a Lloyd’s Coverholder. Helping with the application process, assisting with business plans, sourcing underwriting capacity, and securing Syndicate sponsorship. Every application is unique and tailored specifically to the client’s needs.
For existing Coverholders
For those clients who are already Lloyd’s Coverholders we can help with the process of applying for new classes of business. Working with different syndicates, we look to secure new underwriting capacity to facilitate growth for our clients.
Managing General Agencies (MGAs)
Some Lloyd’s Coverholders operate exclusively as Managing General Agencies (MGAs). In this role, they usually underwrite risks on behalf of a number of different syndicates. Binding cover as per their agreement on behalf of the syndicates they work with, for risks presented by registered insurance brokers in the territory where they are licensed. In some instances, the MGA deals directly with retail customers i.e. for online travel insurance.
Licensed Brokers
Licensed brokers can operate under a Binding Authority and achieve Lloyd’s Coverholder status. Sometimes brokers manage their own facilities or establish a distinct company/division to function as a separate MGA.
How MGAs and Licensed Brokers differ
The accountability is distinct in each scenario: as an MGA, you work on behalf of your underwriting capacity. As a broker, you work in the best interest of your clients, seeking optimal solutions for their insurance requirements.
Tailored reinsurance solutions
For clients seeking reinsurance solutions, we analyse each placement on a case-by-case basis. Whether it’s Quota share, Excess of Loss, or Stop Loss, the solution is unique to the needs of each client.
Sourcing capacity
Our primary sources of capacity are the syndicates operating within Lloyd’s of London. However, we can also access other underwriting capacity where it makes strategic sense.
Binding Authority Agreement
The terms of each contract are set out in a confidential Binding Authority Agreement, tailored to each client and Coverholder, referenced with a Unique Market Reference (UMR).
Claims Authority and Third-Party Administration (TPA)
For Lloyd’s Coverholders with the expertise, staff, and experience, claims handling capabilities can be included within their application. Alternatively, a Third-Party Administrator (TPA), may be appointed to handle claims on behalf of supporting syndicates.